Bill > S2821

This bill amends the existing law to require homeowners' insurance policies to provide first-party property coverage and third-party liability coverage for the remediation of home heating oil releases. The first-party coverage includes the reimbursement of response action costs and property damage caused by a heating oil release on the insured's residential property. The third-party liability coverage includes the obligation to defend the insured and cover response action costs for off-site impacts of a release. The minimum coverage amounts are $75,000 for first-party property and $250,000 for third-party liability, with a deductible not exceeding $1,000 per claim. Insurers may charge reasonable premiums for this coverage, and they can require the owner to provide proof of compliance with certain regulations as a precondition for providing the coverage. The bill will take effect on January 1, 2023.

Senate Committee on Ways and Means (S)

https://malegislature.gov/Bills/192/S2821